Naira strengthens to N1,394 per dollar in parallel market

By Elizabeth Adegbesan

Yesterday the Naira strengthened to N1,394 per dollar in the parallel market, up from N1,405 per dollar the previous weekend.

In the Nigerian Foreign Exchange Market (NFEM), the Naira also appreciated to N1,369 per dollar.

Central Bank of Nigeria (CBN) data indicated that the indicative exchange rate for the market fell to N1,369 per dollar, down from N1,371.5 per dollar the weekend before, reflecting a N2.5 appreciation.

As a result, the spread between the parallel and official markets narrowed to N25 per dollar, compared with N33.5 per dollar last weekend. Interbank turnover at NFEM dropped 63.4 % to N65.2 million yesterday, down from N39.9 million the previous weekend.